The Department of Planning and Investment (DPI) received a proposal for an investment project involving land use for an urban residential area combined with social housing in the Nam Dong Ha Industrial Park, Quang Tri Province. This proposal was submitted by a joint venture between Saigon Thanh Dat Agricultural Investment Joint Stock Company and Licogi 13 Joint Stock Company (HNX: LIG) on April 28, 2021, with the sixth submission made on June 18, 2024.
According to the DPI’s appraisal, the project falls under the category of cases that require a report and approval from the Provincial Party Committee’s Standing Board before considering the investment proposal. Therefore, the DPI has requested the People’s Committee of the province to advise the Party Committee of the People’s Committee of the province to report to the Provincial Party Committee’s Standing Board for their opinion before deciding to approve the investment proposal as per regulations.
Additionally, the DPI has requested the People’s Committee of the province to consider approving the investment proposal for the project and to approve the preliminary requirements regarding the qualifications and experience of the investors who will implement the project immediately after the investment proposal is approved.
Furthermore, the DPI has suggested that the People’s Committee of the province revoke the approved list of investment projects involving land use for the urban residential area combined with social housing in Nam Dong Ha, which was approved on August 6, 2019, when approving the investment proposal for this project.
Finally, the DPI has requested the People’s Committee of the province to continue directing the People’s Committee of Dong Ha City to urgently complete the procedure for approving the adjustment of the detailed construction planning for the urban residential area combined with social housing in Nam Dong Ha, which was approved by the People’s Committee of the province on August 14, 2017. This ensures compliance with higher-level planning before organizing the preparation of bidding documents for selecting investors to implement the project in accordance with bidding regulations and other relevant laws.
According to the investors’ sixth submission on June 18, 2024, the project has a scale of over 24.85 hectares located in Dong Luong Ward, Dong Ha City, Quang Tri Province. Of this, the land for divided lots is over 4.6 hectares (accounting for nearly 19% of the total land area) and comprises 305 adjacent lots with 3 floors; land for villas is nearly 2.6 hectares (over 10%) with 81 units and 2 floors; and land for social housing is nearly 5 hectares (20%) with 3 blocks constructed, 5 floors each, comprising 1,241 units.
The total expected investment capital is over VND 1,563 billion, including compensation, support, and resettlement costs of over VND 85 billion. With the investors’ equity of nearly VND 313 billion, accounting for 20% of the total investment, the remaining capital will be borrowed. Saigon Thanh Dat contributes nearly VND 219 billion (70%) and LIG contributes nearly VND 94 billion (30%). The project has a duration of 50 years.
The expected timeline for the project is 3 years and 3 months. Specifically, from October 2024 to September 2025 (12 months), the approval of the investor selection results, land-related procedures: compensation, site clearance, land allocation, and approval of the feasibility study report, technical design, and construction permit are expected to be completed.
From June 2025 to December 2027 (31 months), the construction of infrastructure such as land leveling, roads, parks, greenery, water supply and drainage, electricity, lighting, sewage, and wastewater treatment will be carried out. In addition, the construction of the main structure and exterior finishing of adjacent houses and villas, as well as the construction and completion of social housing and public works, will be completed during this period.
Who are the joint venture partners?
Saigon Thanh Dat Agricultural Investment Joint Stock Company was established in 2010, with its head office located at 106 Hoang Dieu, Phuoc Ninh Ward, Hai Chau District, Da Nang City. Mr. Tran Xuan Dinh, the General Director, is the legal representative of the company. As of July 2023, the company had a charter capital of VND 240 billion. On May 10, 2024, the company merged with Saigon Thanh Dat One-Member Limited Liability Company (with a charter capital of VND 50 billion).
 Mr. Tran Xuan Dinh, General Director of Saigon Thanh Dat Agricultural Investment JSC, is also the Vice Chairman of the Building Materials Association and Chairman of the Central – Highlands Building Materials Association.
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Saigon Thanh Dat Agricultural Investment JSC is the investor in the residential and service area project in Cau Hung – Lai Nghi (Hoi An Green Village) with an area of 109 hectares and a total investment of over VND 1,600 billion. They are also investors in a complex urban tourism and resort commercial project in Ba Don District, Quang Binh Province, with a total investment of over VND 3,000 billion and an area of 33.5 hectares.
Licogi 13 Joint Stock Company, established in 2005, is headquartered at Licogi 13 Building, Khuat Duy Tien Street, Nhan Chinh Ward, Thanh Xuan District, Hanoi. Currently, LIG has a charter capital of nearly VND 951 billion.
In the first quarter of 2024, LIG recorded revenue of nearly VND 565 billion, up 54% over the same period last year, and a net profit of VND 475 million, up 7%. Total assets at the end of Q1 were VND 6,646 billion, with owner’s equity of over VND 1,440 billion.
| LIG’s Financial Statements from 2019-2023 |
Notably, Saigon Thanh Dat Agricultural Investment JSC used to be a subsidiary of Licogi 13 Joint Stock Company before June 29, 2023. After this date, LIG reduced its ownership in Thanh Dat from 52% to 13% due to not registering to purchase additional shares issued by Thanh Dat to increase its charter capital.
In terms of connections, Mr. Tran Quang Huy, Chairman of the Board of Directors of Saigon Thanh Dat Agricultural Investment JSC, is also the Vice Chairman of Licogi 13 Joint Stock Company.
Thanh Dat is no longer a subsidiary of LIG
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